
China sharply increased grain and oilseed imports in May 2023, with soybean imports from Brazil up 40% year on year to 10.94 million tonnes. Buyers took advantage of low Brazilian soybean prices, and US soybean imports fell 47% in May while corn imports dropped 20%.
Strong Chinese buying of cheap Brazilian soybeans supports Brazil's export prices and draws demand away from US origin. US corn and soybean exports to China are losing share.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.